PHNOM PENH (AFP) — Cambodia's inflation hit a record high of 22 percent in July, a government minister said Tuesday.
Planning Minister Chhay Than said high global prices of oil and food were to blame for the soaring rate.
"For July, the inflation rate was 22 percent. We can say that this is a record high," Chhay Than told AFP.
"The inflation is caused by outside factors... the prices of oil, fuel and foods... the slowdown in the US economy," he said.
"But if we compare with some neighbouring countries, it is not so high," Chhay Than added.
The last published consumer price index (CPI) for January showed that inflation had reached 18.7 percent.
The government then stopped releasing monthly CPI reports in a move widely seen as an effort to hide spiralling consumer costs ahead of July elections, in which Prime Minister Hun Sen's ruling party stormed to victory.
Officials denied that claim, saying there had been a disagreement over how to calculate the figure.
The government has now said it will resume publication of inflation figures later this week.
Cambodia in May doubled reserve requirements for private banks from 8.0 percent to 16.0 percent in a bid to curb money supply and stem rising inflation. The requirements took effect from July.
Planning Minister Chhay Than said high global prices of oil and food were to blame for the soaring rate.
"For July, the inflation rate was 22 percent. We can say that this is a record high," Chhay Than told AFP.
"The inflation is caused by outside factors... the prices of oil, fuel and foods... the slowdown in the US economy," he said.
"But if we compare with some neighbouring countries, it is not so high," Chhay Than added.
The last published consumer price index (CPI) for January showed that inflation had reached 18.7 percent.
The government then stopped releasing monthly CPI reports in a move widely seen as an effort to hide spiralling consumer costs ahead of July elections, in which Prime Minister Hun Sen's ruling party stormed to victory.
Officials denied that claim, saying there had been a disagreement over how to calculate the figure.
The government has now said it will resume publication of inflation figures later this week.
Cambodia in May doubled reserve requirements for private banks from 8.0 percent to 16.0 percent in a bid to curb money supply and stem rising inflation. The requirements took effect from July.
5 comments:
POWER TO THE PEOPLE POWER
Khmer peoples in Srok Khmer are don't have power , event thougt that Ah HUN SEN goverment are corrupted ..cuz they are not educated ..
Thanks to HUN SEN for making us poor!!!!!!!!!!
I would agree that oil and fuel are mostly influenced by outside factors. But even this, the government can aleviate higher price by increasing competition between the majors suppliers in Cambodia.
But he is lying if he said food inflation is effected also by outside factors. Mainly the government can control the price of food since Cambodia is a food producer. Sure the cost of production such as fertilizers are going up, but that is not a reason for Cambodians to pay about the same world market prices for foods. Does the Saudi, Mexican, and Venezuelians pay the world market price for oil?
22% is no problem. Our land value will make up for everything.
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